The Rise and Fall of the U.S. Mortgage and Credit ... - Milken Institute

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About the Authors James R. Barth is a Senior Fellow at the Milken Institute and the Lowder Eminent Scholar in Finance at Auburn University. His research focuses on financial institutions and capital markets, both domestic and global, with special emphasis on regulatory issues. He recently served as leader of an international team advising the People’s Bank of China on banking reform. Barth was an appointee of Presidents Ronald Reagan and George H.W. Bush as chief economist of the Federal Home Loan Bank Board and later of the Office of Thrift Supervision. He has also been a professor of economics at George Washington University, associate director of the economics program at the National Science Foundation, and the Shaw Foundation Professor of Banking and Finance at Nanyang Technological University. He has been a visiting scholar at the U.S. Congressional Budget Office, the Federal Reserve Bank of Atlanta, the Office of the Comptroller of the Currency, and the World Bank. He is a member of the Advisory Council of George Washington University’s Financial Services Research Program. Barth is the co-author of Rethinking Bank Regulation: Till Angels Govern (Cambridge University Press, 2006), co-editor of Financial Restructuring and Reform in Post-WTO China (Kluwer Law International, 2007), co-editor of China’s Emerging Financial Markets: Challenges and Opportunities (Springer, 2009), and overseas associate editor of The Chinese Banker. Tong (Cindy) Li is a Senior Research Analyst at the Milken Institute, where her research topics include international financial markets, the U.S. mortgage market, banking regulation, and the Chinese economy. Li has co-authored many Milken Institute research papers and policy briefs. Her research work has been published in academic journals and presented at international conferences, and she is also a freelance columnist for several newspapers. Li earned her Ph.D. in economics with a concentration in development economics and econometrics from the University of California, Riverside. She received her bachelor’s degree in international finance from Peking University. Wenling (Carol) Lu is a Research Analyst in the Capital Studies Group at the Milken Institute, focusing on financial institutions and mergers and acquisitions. Prior to joining the Institute, she worked as a research assistant at Auburn University, providing support to projects related to corporate governance, IPOs, and bankruptcies. Lu previously held positions with ACE Group and Dresdner Asset Management Corporation in Taipei, Taiwan. She received her MBA with a concentration in finance from Auburn University and a bachelor’s degree in business from National Taiwan University of Science and Technology, Taiwan. 44
Triphon (Ed) Phumiwasana is a Research Economist at the Milken Institute. His research focuses on financial institutions, capital markets, banking regulation, corporate governance, and economic development, with special emphasis on global issues. Phumiwasana has co-authored a number of Milken Institute publications, including policy briefs and articles in The Milken Institute Review. His research has also been featured in Financial Markets, Institutions and Instruments Journal, MIT Sloan Management Review, and Regulation of Financial Intermediaries in Emerging Markets (Sage Publications, 2005). Phumiwasana earned his Ph.D. in economics with a concentration in international money and finance from Claremont Graduate University. Glenn Yago is Director of Capital Studies at the Milken Institute and an authority on financial innovations, capital markets, emerging markets, and environmental finance. He focuses on the innovative use of financial instruments to solve long-standing economic development, social, and environmental challenges. Prior to joining the Institute, Yago served as a professor at the State University of New York, Stony Brook, and City University of New York Graduate Center. He has also taught at Tel-Aviv University and is a visiting professor at the Hebrew University of Jerusalem, where he directs the Koret–Milken Institute Fellows program. He is the author of five books, including Global Edge (Harvard Business School Press) and Beyond Junk Bonds (Oxford University Press), and co-editor of the Milken Institute Series on Financial Innovation and Economic Growth (Springer). Yago created the Milken Institute’s Capital Access Index, an annual survey measuring access to capital for entrepreneurs across countries, and co-created the Opacity Index, measuring financial risks associated with corruption, legal, enforcement, accounting, and regulatory practices internationally. His opinions appear regularly in the Los Angeles Times and the Wall Street Journal. Yago is a recipient of the 2002 Gleitsman Foundation Award of Achievement for social change. He earned a Ph.D. at the University of Wisconsin, Madison. 45
Page 1 and 2: The Rise and Fall of the U.S. Mortg
Page 3 and 4: The Milken Institute is an independ
Page 5 and 6: Key Findings The total value of hou
Page 7 and 8: Introduction For generations, the m
Page 9 and 10: From Main Street to Wall Street, on
Page 11 and 12: Overview of the Housing and Mortgag
Page 13 and 14: An important contributing factor to
Page 15 and 16: Index, 2000 = 100 250 200 150 100 5
Page 17 and 18: There were 1.3 million foreclosure
Page 19 and 20: 450 400 350 300 250 200 150 100 50
Page 21 and 22: This uncertainty is the very reason
Page 23 and 24: Focusing more narrowly on the ratin
Page 25 and 26: There has been a dramatic decline i
Page 27 and 28: …with the Greed Factor? There is
Page 29 and 30: In addition to lowering the discoun
Page 31 and 32: US$ billions Commercial Paper Fundi
Page 33 and 34: On November 24, 2008, a portion of
Page 35 and 36: Program Asset-Backed Commercial Pap
Page 37 and 38: Program Loans, guarantees, and inve
Page 39 and 40: Program Temporary Liquidity Guarant
Page 41 and 42: Issues for Policymakers What type o
Page 43 and 44: The United States should seriously
Page 45 and 46: The regulatory challenge is to prov
Page 47 and 48: What can policymakers do to prevent
Page 49: How can we limit foreclosures? Keep

The Rise and Fall of the U.S. Mortgage and Credit ... - Milken Institute

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